Morgan Stanley doesn't just like Apple's stock; it's now saying that buying stock in the tech giant is a "best idea."
"Continued underownership, strong iPhone 6 demand and expansion into new product categories make this cycle different and set up shares for significant upside," wrote Morgan Stanley's Katy Huberty about Apple.
But with shares already up 22 percent this year, is Apple truly one of the best ideas out there?
"I love the stock," said David Seaburg, head of equity sales trading at Cowen and Co. "It's going to do very well over the long term [but] I think it's going to be a grind higher, not a slingshot higher."
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Seaburg notes his firm has a $110-per-share price target and he says Apple's future may be helped by its large cash hoard of nearly $165 billion. "They can buy back a tremendous amount of stock," he said. "Given the cash that they have, that's definitely something that I would consider to be in the cards."
However, Richard Ross, global technical strategist at Auerbach Grayson, is not as excited about Apple as the folks at Morgan Stanley.
"Much of that story is already in the stock," said Ross, a "Talking Numbers" contributor. "I think we're a little late in the game here to call Apple a best idea. It's already the biggest company in the world."
Apple's current market cap is $584 billion, about $200 billion larger than the world's second-largest publically traded company, Exxon Mobil.
Still, Apple has been "a bastion of security during this recent correction," said Ross, who notes the stock's strength against its benchmark index; the Nasdaq composite index is down about 8.5 percent from its 52-week high while Apple is only off 6 percent from its own one-year peak.
Even in a technical worse-case scenario, Ross sees limited downside. Should it break below what he sees as a $98 support level, Ross says the stock could make its way down to the 200-day moving average, currently at $87.32. "In and of itself, that's not a disastrous situation," he added.
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But Apple's enormous growth since its lows 18 months ago is what bothers Ross about the stock. Shares have climbed 76 percent in that time period, adding nearly a quarter of a trillion dollars to Apple's market cap.
"Basically, Apple is tacking on a Facebook and an Intel over just the last 18 months alone," Ross said. "That's a lot of market cap. You can see just a little bit of a stall speed here for a high-flying momentum stock like Apple."
So while Apple is just an OK stock for Ross now, he thinks a correction down to its 200-day moving average would make it even better. "At current levels, it's a good idea," he said. "Down 15-20 percent, then it becomes a best idea for me. Then you're getting one of the best stocks in the world admittedly but you're getting it at a fantastic price. I would not characterize current levels as a fantastic price."
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